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Spring 2006
ISSN 0890-913X
Volume 22, Number 2

Your Credit Counts Challenge: A Model Program for Financial Education for Low and Moderate Income Adults

Mark C. Schug, University of Wisconsin - Milwaukee
M. Scott Niederjohn, Lakeland College
William C. Wood, James Madison University
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/jpe/index.php?action=ajax&rs=GDMgetPage&rsargs[]=Spring2006 11.pdf&rsargs[]=0
JournalofPrivateEnterprise,VolumeXXI,Number2,Spring2006YourCreditCountsChallenge:AModelProgramforFinancialEducationforLowandModerateIncomeAdultsMarkC.SchugUniversityofWisconsin-MilwaukeeM.ScottNiederjohnLakelandCollegeWilliamC.WoodJamesMadisonUniversityFinancialliteracyhasbeengainingwidespreadinterestfromavarietyofgroups.Reasonsforthisexpandedinteresthavetodowiththeincreasingcomplexityoffinancialinstrumentsandservicesaswellasconcernsaboutwidespreadfinancialbehaviorresultinginincreasingnumberofbankruptcies,largecreditdebt,lowratesofsaving,andsoforth.TheFederalReserve,forexample,hasbeenanimportantvoicecallingforincreasedfinancialandeconomiceducation.AlanGreenspan(2003)recentlystated,"Forthisevermorecomplexfinancialsystemtofunctioneffectively,widespreaddisseminationoftimelyfinancialandotherrelevantinformationamongeducationmarketparticipantsisessential.InformedjudgmentsbyconsumerarerequiredtofosterthemostefficientallocationofcapitaL"Thispaperreportsontheimpactonattitudesofaprogramdesignedtoimprovethefinancialliteracyoflow-andmoderate-incomeadults.TheprograminvolvesthreenationalpartnersHouseholdInternational,NationalCenterforNeighborhoodEnterprise,andNationalCouncilonEconomicEducation.StudiesofFinancialEducationBraunsteinandWelch(2002)provideausefulsurveyofseveralMarkC.Schug,M.ScottNiederjohnandWilliamCWood196
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